PAG, the Hong Kong-based private equity group, has raised $6bn for a new fund in the latest sign that investors continue to look to Asia despite the rumbling US-China trade war, according to several people with knowledge of the matter.
Asian stock markets have been among the worst performing globally, although fundraising for alternative investments in venture capital and private equity remains robust. Nonetheless, there have been concerns that the cool relationship between Washington and Beijing could lead US investors to avoid looking across the Pacific.
But PAG’s new fund was largely raised from big US pension funds as well as backing from the sovereign wealth funds of Kuwait and Singapore.